The pace of fourth quarter growth is nowhere near as torrid – about 2.3 percent according to macroeconomic Advisers.
macroeconomic Advisers believes the economy will expand at a 2.5 percent annual rate in the first quarter of 2013.
Also, the biggest impact of the cuts seems likely to be macroeconomic.
The growing share of income dedicated to rent, however, is a product of the times, with two macroeconomic factors at play here.
It is growing at about a 2.4 percent annual rate this quarter, according to macroeconomic Advisers.
Indeed, macroeconomic Advisers believes the economy grew at a 3.6 percent annual rate in the just-completed first quarter.
macroeconomic Advisers maintains a real-time model that estimates the performance of the economy in the current quarter.
On macroeconomic policy, I think Alan was unfairly criticized.